Richest 1 percent to own more than the rest by 2016: report

The combined wealth of the world's richest 1 percent will overtake that of the other 99 percent in 2016 unless the current trend of rising inequality is addressed, Oxfam International, an Oxford-based charity aims to fight global poverty, warned on Monday.

In its report released a day ahead of the annual World Economic Forum meeting in Davos, Oxfam said the richest 1 percent have seen their share of global wealth increase from 44 percent in 2009 to 48 percent in 2014, and it is expected to rise to more than 50 percent next year.

The average wealth of the so-called global elite is 2.7 million U.S. dollars per adult.

Of the remaining 52 percent of global wealth in 2014, almost all (46 percent) is owned by the rest of the richest fifth of the world's population, which means the other 80 percent share just 5.5 percent of the global wealth. It is equal to around 3,851 U.S. dollars per adult, which is only equivalent to 0.14 percent of the average wealth of the richest 1 percent, Oxfam data showed.

It warned that the "explosion in inequality is holding back the fight against global poverty at a time when one in nine people do not have enough to eat and more than a billion people still live on less than 1.25 U.S. dollars a day."

Winnie Byanyima, executive director at Oxfam, said in a press release: "Extreme inequality is not just a moral wrong. We know that it hampers economic growth and it threatens the private sector's bottom line."

The international charity body suggests a seven-point plan for governments to tackle the issue. It includes a clamp down on tax dodging, investment in universal, free public services, sharing the tax burden fairly, introducing minimum wages, equal pay legislation and ensuring adequate safety-nets. Endit